‘The Finance Commission has tried to balance the three criteria of need, equity and efficiency’ February 5, 2021, 8:27 AM IST The 15 th Finance Commission’s (FC’s) final report, which will cover the period between 2021 and 2026, was released along with the Union Budget. The FC has stuck to the existing devolution formula providing for transfer of 41% of the divisible pool of central taxes to states. The FC’s chairman NK Singh explains the rationale and thinking behind the recommendations and the institution’s legacy of trust to Sidhartha: What is the feedback from the states and the Centre? This is not a one day match. It’s a five year report, a regular Test match. Trickle down effect will come with some lag. I have received phone calls from some of the chief ministers to generally thank the Commission and the central government, which accepted the core recommendations. There are one or two states which felt the formula adopted has brought down their share, somewhat marginally.